Connect with us

BFSI

A complete guide of BFSI

TechCEO

Published

on

BFSI stands for Banking, Financial and Insurance sector. Generally, it represents a major portion of the Indian economy which comprises of all Banking Insurance and Non-banking institutions.

India, as a developing nation have always fostered the positives for the BFSI sector to flourish at an appreciable pace. Banking is one of the pillar components of the BFSI industry. It comprises of the following structure:

  1. Central Bank

In India, the Reserve Bank of India is the most designated Central Bank of the country. It holds the power to supervise the functioning of the national banking industry.  It has the power to authorise the currency flow and to increase or decrease the same to check the inflation.

  1. Scheduled Commercial Bank

These banks are further classified into three types:

  1. Public Sector Banks

The banks wherein the government owns the majority stake and whose shares are listed on public exchanges are referred as Public Sector banks. Many public sector banks are merged under single pre-existing bank.

Some of these banks are Vijaya Bank, Dena Bank have merged into Bank of Baroda.

  1. Private Sector Banks

The banks where the majority stake is controlled by private shareholders are known as Private sector banks. In India there are around 22 active Private Sector Banks. Some of these banks are ICICI bank, Axis Bank.

  1. Foreign Banks

The banks whose headquarters are outside India are referred as Foreign Banks. The host countries gain dual benefits as foreign banks as they accelerate dealings in international transactions while increasing the employment scope in the banking sector. In total there are 45 foreign banks in India.

Due to the rising per capita income, expanding distribution, introduction of new products, networking and increasing customer awareness of financial products, the BFSI sector is growing exponentially. In the coming years, BFSI industry will continue to be a top priority industry for India’s economic development.

Continue Reading

BFSI

Technology Transformation in the Banking sector

TechCEO

Published

on

The banking sector is one of the oldest businesses in the world and it is continuously progressing and growing with every year. Gone the days when banks used to be placed with long queues and tedious amounts of paperwork. Due to the technological advancements in the banking sector, the labor and the paper-use had reduced a lot. There are a lot more benefits also.

How Technology has changed the Banking sector?

  1. The complete world at your fingertips

In some or the other way, every one of us is affected by technology. Any work, be it ordering food, or shopping clothes, is just a click away. And on the additional note, all these things can be achieved simply by making a digital payment unlike carrying the complete wallet with you.

  1. Error-free and better data protection

Humans are more prone to make calculation errors. But now with the introduction of computers, the frequency of errors has reduced to almost nil. Today’s technology offers the complete security of your transactions and the safety of your data.

  1. Business Intelligence to drive more profits

The Reserve Bank of India has encouraged every Indian Bank to adopt Business Intelligence to increase the overall profitability in the industry. The system of Business Intelligence offers data for historical, current, and future trends. This technology has helped banks in a way such that they can take accurate decisions. Henceforth, these can bring an overall increase in productivity and profitability.

4.Smart work leading to better customer experience

During the old days, people need to stand in long queues, do a lot of paperwork, and need to be physically present to carry out the signatory works. The older system of banking has always been tiring which mostly ends in poor customer experience. Now with the arrival of net banking, people do not need to spend on banking-related tasks and at the same time, it also ensures a hassle-free customer service from a remote location.

These advanced technologies like AI will continue to drive transformation in the Indian BFSI sector. These technologies offer world-class banking experience for young customers and help you gain the right business insights.

Continue Reading
Customer Experience (CX)6 days ago

Different types of customer experience management

Customer Experience (CX)1 week ago

How to strategize customers experience management

Big Data2 weeks ago

Fraud detection with big data analysis

Customer Experience (CX)2 weeks ago

What is customer’s experience management and its uses?

Big Data3 weeks ago

Big data revolutionizing the marketing industry

Big Data3 weeks ago

In what ways big data abetting the digital transformation?

Big Data3 weeks ago

Effective uses of Big Data helping various industries to grow further

Big Data3 weeks ago

Know what Big Data is with its basics

Healthcare4 weeks ago

A complete guide on healthcare technology and its uses

Healthcare4 weeks ago

Major technologies used in healthcare sector

Tech1 month ago

David Packard: Founder of Hewlett-Packard

Jack Dorsey An American technology entrepreneur-min
Tech1 month ago

Jack Dorsey: An American technology entrepreneur

Tech1 month ago

Satya Nadella: The ideal for techies

Tech1 month ago

Shantanu Narayen and the growth of Adobe

Manufacturing2 months ago

Challenges faced by the manufacturing industries

Manufacturing2 months ago

Digital twin: A boon for manufacturing industry

Manufacturing2 months ago

What is advanced manufacturing and how it is making effective use of technologies?

Manufacturing2 months ago

Artificial intelligence: Playing heroic role in manufacturing industry

Manufacturing2 months ago

Latest technologies included in manufacturing

Government and public sector2 months ago

Government healthcare programs: A step towards a healthier tomorrow

Government and public sector2 months ago

Major challenges faced by army

Aerospace and Defense2 months ago

What’s on the horizon of aerospace and defence industry in upcoming years?

Government and public sector2 months ago

Strategies to Improve Public Sector Labour Productivity

Education2 months ago

Tips for developing an inclusive education system

Education2 months ago

Major challenges faced by today’s education sector

Share via
Copy link
Powered by Social Snap